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In the United States and Canada the local property tax is based on the estimated value of the property being assessed. It is often called an "ad valorem tax", which is a Latin term meaning according to value. Local assessors are charged the responsibility of inventorying and estimating the value of all personal property (non-real estate) or real estate (land and buildings attached to land) in their community. State or provincial tax laws usually define the type of value estimated (market value, use value, etc.) and the specific date when it is estimated for property tax purposes. For example, in Virginia real estate assessments are estimated as of January 1 or July 1 each year as described by local ordinance. Some types of property are exempt for taxation like government-owned property, and property of religious organizations.

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Q: What is the local property tax based on?
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Related questions

What is a tax rate?

A tax assessed on real estate by the local government. The tax is usually based on the value of the property (including the land) you own.


What is tax rate?

A tax assessed on real estate by the local government. The tax is usually based on the value of the property (including the land) you own.


What is a land tax rate?

A tax assessed on real estate by the local government. The tax is usually based on the value of the property (including the land) you own.


Where can I find property tax information for my home?

Your local property tax office.


What type of tax is property tax on a persons house?

A real estate tax millage or what ever the local taxing authority calls it. It is a direct tax. Property tax is an ad valorum tax. An ad valorum tax is based on the value of the good or service or property. The tax is usually imposed on an annual basis and the property's value may be reappraised periodically (usually every year).


What type of property tax is the tax on a person's house?

A real estate tax millage or what ever the local taxing authority calls it. It is a direct tax. Property tax is an ad valorum tax. An ad valorum tax is based on the value of the good or service or property. The tax is usually imposed on an annual basis and the property's value may be reappraised periodically (usually every year).


What type of tax the property tax on a persons house?

A real estate tax millage or what ever the local taxing authority calls it. It is a direct tax. Property tax is an ad valorum tax. An ad valorum tax is based on the value of the good or service or property. The tax is usually imposed on an annual basis and the property's value may be reappraised periodically (usually every year).


What type of tax is the property tax on a person's house?

A real estate tax millage or what ever the local taxing authority calls it. It is a direct tax. Property tax is an ad valorum tax. An ad valorum tax is based on the value of the good or service or property. The tax is usually imposed on an annual basis and the property's value may be reappraised periodically (usually every year).


How to file for property tax refund?

Contact your local property tax department and request a copy of the form that you will need to use to file for the property tax refund or you could try and see if this could be done online at the local property tax online website.


What is the major difference between property tax and profit tax?

Property taxes are assessed based on the value of the property in question. This is also referred as ad valorem tax. The owner of the property does not sell or transfer the property in question and the tax is usually assessed every year. Profit tax is a tax assessed based on the transfer of property or a commodity.


Where can I find information on how much my property tax is?

You can check out the information at your local tax office, you can find out about your property. The tax is made up of the property values in your state and in your area which determines your property tax.


Where do you find property taxes?

You can find property tax information from your local tax assessor, treasurer or auditor. Some tax authorities publish property tax and assessment records online.